[bdcravens]

> earlier investments were based on the market than the fundamentals of the founding team, market, and product

False dichotomy

[melony]

40% is a massive cut. If the heavy weighing of the market doesn't constitute a dichotomy, then nothing does.

[tptacek]

It's a massive cut after a sequence of massive, program-redefining increases in batch sizes. The current size is, as their representative says, still a lot bigger than batches were until recently.

[bdcravens]

There are a massive amount of applications; they still base acceptance on quality. Otherwise, when market conditions were good, they were letting in a number of terrible companies.